Group 1: Company Highlights - Aihuilong has completed the prototype of its second-generation sequencing project, achieving full self-research and production of core reagents, auxiliary reagents, and auxiliary enzyme reagents, with various patented technologies [1] - Aibo Medical has developed the Puno Tong AI digital fitting system independently [1] - Xinmai Medical reported a revenue of 300 million yuan and a net profit of 114 million yuan for Q3 2025, with a 60% year-on-year increase in net profit after excluding government subsidies [2] - Zhonglian Heavy Industry possesses a national A-level and international T3+ level supercomputing center, with a GPU computing power of 59P, supporting 1,000 cabinets and 10,000 servers [3] Group 2: Financial Performance - Xinmai Medical's domestic sales growth rate remains above 20% for the first three quarters, with overseas revenue increasing by over 65%, accounting for 18% of total revenue [2] - Xinmai Medical expects its annual gross margin to recover to over 70% due to improved production efficiency and cost optimization [2] - Guangfa Fund has an asset management scale of 1,540.246 billion yuan, ranking 3rd among 211 [3] Group 3: Market Activities - Guangfa Fund participated in various company performance briefings and site visits, indicating active engagement in the market [1][2][3] - The latest public fund product launched by Guangfa Fund is the Guangfa CSI 300 Index Quantitative Enhancement A, with a subscription period from November 3 to November 21, 2025 [3]

Summary of the Conference Call for 亚辉龙 (Aihuilong) Company Overview - **Company**: 亚辉龙 (Aihuilong) - **Industry**: In Vitro Diagnostics (IVD) Key Financial Performance - **Revenue**: - Total revenue for the first three quarters of 2025 was 1.287 billion yuan, a year-on-year decline of 7.69% [3] - Main business revenue was 1.257 billion yuan, down 7.8% year-on-year [3] - Revenue for Q3 2025 was 478 million yuan, showing a year-on-year growth of 10.25% and a quarter-on-quarter increase of 22.44% [5] - **Gross Margin**: - Main business gross margin was 60.85%, down 2.5 percentage points year-on-year [6] - Self-operated business gross margin was 67.42%, down 3.08 percentage points year-on-year [6] Market Performance - **Domestic vs. International Revenue**: - Domestic self-operated business revenue was 866 million yuan, down 12.74% year-on-year, accounting for 80.63% of total self-operated revenue [3] - International self-operated business revenue was 208 million yuan, up 39.39% year-on-year, accounting for 19.37% of total self-operated revenue [3] Business Segments - **Chemiluminescence Business**: - Revenue for the first three quarters was 967 million yuan, down 6.66% year-on-year [7] - Q3 revenue was 364 million yuan, up 13.99% year-on-year and 26.16% quarter-on-quarter [8] - Domestic chemiluminescence revenue was 777 million yuan, down 13.89% year-on-year, while international revenue was 190 million yuan, up 41.96% [7] Installation and Market Expansion - **Instrument Installation**: - As of September 30, 2025, over 12,410 self-operated chemiluminescence instruments were installed, with 1,806 new installations in the first three quarters [9] - Domestic installations accounted for 44.55% of new installations, while international installations grew by 15.16% [9] - **Market Coverage**: - Products covered over 6,200 medical institutions in China, with a 70% coverage rate in top-tier hospitals [10] Research and Development - **Innovation**: - Collaborated with the National University of Singapore on cardiovascular research, leading to the commercialization of a patented test kit [4] - The ANA intelligent interpretation system has achieved a 95% accuracy rate, with a target of 98% [12] - The pancreatic function platform is expected to be approved in 2026, with a business model that includes direct software sales and clinical education [13][14] Industry Dynamics - **Market Trends**: - The IVD industry is undergoing structural changes, with domestic brands gaining market share against imports [16][17] - The number of IVD companies has significantly decreased, with expectations of a market recovery in 2026 [25][24] - **Policy Impact**: - The implementation of centralized procurement policies has positively impacted the company's market share and testing volume [26][24] Future Outlook - **Strategic Plans**: - Focus on enhancing existing specialty projects and expanding market share [18] - Plans to enter the Japanese market with 12 projects submitted for approval, expecting significant revenue contributions starting in 2027 [31] - Continued investment in AI and IVD applications to enhance technological capabilities and market competitiveness [15] Conclusion - **Long-term Vision**: The company aims to become a leading player in the domestic IVD market within five years and a global leader in specific diagnostic fields within ten years [34]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to industry policy impacts and reduced domestic market demand [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.287 billion yuan, a year-on-year decrease of 7.69% [1] - The net profit attributable to shareholders was 60.42 million yuan, down 72.36% year-on-year [1] - In the third quarter, the company recorded revenue of 478 million yuan, an increase of 10.25% compared to the same period last year [1] - The net profit attributable to shareholders in the third quarter was 34.15 million yuan, a decrease of 25.12% year-on-year [1] Factors Affecting Performance - The decline in performance for the first three quarters was attributed to reduced domestic market demand and losses from the fair value changes of trading financial assets, specifically shares in Cloud Health Group Limited [1]

Core Insights - The company, Aihuilong (688575.SH), reported a total operating revenue of 1.287 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 7.69% [1] - The net profit attributable to shareholders of the parent company was 60.42 million yuan, down 72.36% year-on-year [1] - The basic earnings per share stood at 0.11 yuan [1]

Core Insights - The company reported a revenue of 1.287 billion yuan and a net profit attributable to shareholders of 60.42 million yuan for the first three quarters of 2025, with a non-deducted net profit of 101 million yuan [2] - Research and development expenses amounted to 209 million yuan, representing 16.23% of total revenue [2] - The company's international expansion has shown significant results, with overseas markets becoming a new growth point for revenue [2] Revenue Breakdown - The overseas self-produced main business generated revenue of 208 million yuan, a year-on-year increase of 39.39%, accounting for 16.16% of total revenue [2] - Revenue from overseas chemiluminescence business reached 190 million yuan, up 41.96% year-on-year [2] - Revenue from overseas chemiluminescence reagents (including consumables) was 117 million yuan, reflecting a year-on-year growth of 50.79% [2] Quarterly Performance - From July to September, the overseas self-produced main business achieved revenue of 79.17 million yuan, a year-on-year increase of 68.53%, and a quarter-on-quarter growth of 9.78% [2] - Revenue from overseas chemiluminescence business during the same period was 74.24 million yuan, showing a year-on-year increase of 75.64% and a quarter-on-quarter growth of 16.24% [2] - Revenue from overseas self-produced chemiluminescence reagents (including consumables) was 43 million yuan, with a year-on-year growth of 52.41% [2] International Market Coverage - The company actively expands its international market, covering 120 countries and regions across the Americas, Europe, Asia, and Africa [3]

证券代码：688575 证券简称：亚辉龙 公告编号：2025-056 深圳市亚辉龙生物科技股份有限公司 关于 2023 年限制性股票激励计划第二个归属期 归属条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次拟归属股票数量：99.15 万股 归属股票来源：深圳市亚辉龙生物科技股份有限公司（以下简称"公司"） 向激励对象定向发行公司 A 股普通股股票 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：公司 2023 年限制性股票激励计划（以下简称"本激励计划"） 拟授予的限制性股票数量 198.30 万股，约占本激励计划草案公告时公司股本总额 56,812.91 万股的 0.35%。 3、授予价格：9.10 元/股（调整前）。 4、激励人数：60 人。 | 归属安排 | 归属时间 | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | | 第一个归属期 | 自授予之日起 12 个月后的首个交易日至 ...

深圳市亚辉龙生物科技股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开的第四届董事会第七次会议与第四届监事会第六次会议，审议通过了《关于 调整 2023 年限制性股票激励计划授予价格的议案》，现将有关事项说明如下： 证券代码：688575 证券简称：亚辉龙 公告编号：2025-055 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2023 年 9 月 14 日，公司召开第三届董事会第十六次会议，审议通过了《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东大会授权董事 会办理公司 2023 年限制性股票激励计划相关事宜的议案》。公司独立董事就本激励 计划相关议案发表了独立意见。 同日，公司召开第三届监事会第十五次会议，审议通过了 ...

公司简称：亚辉龙 证券代码：688575 上海荣正企业咨询服务（集团）股份有限 公司 关于深圳市亚辉龙生物科技股份有限公司 2023 年限制性股票激励计划授予价格调整 及第二个归属期归属条件成就 之 独立财务顾问报告 2025 年 10 月 | | | | （三）结论性意见 12 | | --- | 一、释义 3 1. 上市公司、公司、亚辉龙：指深圳市亚辉龙生物科技股份有限公司。 2. 股权激励计划、限制性股票激励计划、本激励计划：指《深圳市亚辉龙生物 科技股份有限公司 2023 年限制性股票激励计划（草案）》。 3. 限制性股票、第二类限制性股票：符合激励计划授予条件的激励对象在满足 相应的获益条件后分次获得并登记的公司 A 股普通股股票。 4. 激励对象：按照本激励计划规定，获得限制性股票的公司（含控股子公司） 任职的高级管理人员、核心骨干。 5. 授予日：指公司向激励对象授予限制性股票的日期。 6. 授予价格：指公司授予激励对象每一股限制性股票的价格。 7. 有效期：自限制性股票授予之日起到激励对象获授的限制性股票全部归属或 作废失效的期间。 8. 归属：指激励对象满足获益条件后，上市公司将股票登记至激 ...

北京市君合（深圳）律师事务所 关于 深圳市亚辉龙生物科技股份有限公司 2023 年限制性股票激励计划 授予价格调整、第二个归属期归属条件成就 的 法律意见书 JUNHE 二〇二五年十月 释 义 在本法律意见书中,除非文义另有所指,下列词语、简称或专业术语具有如 下含义: | 简称 | 指 | 全称或含义 | | --- | --- | --- | | 本次激励计划 | 指 | 《深圳市亚辉龙生物科技股份有限公司 2023 年限制性股票激励 | | | | 计划》 | | 公司/上市公司/亚辉龙 | 指 | 深圳市亚辉龙生物科技股份有限公司 | | 《激励计划(草案)》 | 指 | 《深圳市亚辉龙生物科技股份有限公司 2023 年限制性股票激励 | | | | 计划(草案)》 | | 本法律意见书 | 指 | 《北京市君合(深圳)律师事务所关于深圳市亚辉龙生物科技股 份有限公司 2023 年限制性股票激励计划授予价格调整、第二个归 | | | | 属期归属条件成就的法律意见书》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所 | 指 | 上海证券交易所 | | 《公司章程》 | 搞 | ...

深圳市亚辉龙生物科技股份有限公司监事会 关于公司 2023 年限制性股票激励计划 第二个归属期归属名单的核查意见 深圳市亚辉龙生物科技股份有限公司(以下简称"公司")监事会依据《中 华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》(以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号 -- 股权激励信息披露》等相 关法律、法规、规范性文件和《深圳市亚辉龙生物科技股份有限公司章程》(以 下简称"《公司章程》"）的有关规定,对本次限制性股票激励计划第二个归属 期符合归属条件的激励对象名单进行核查,发表核查意见如下: 综上所述,监事会同意本次符合条件的 60 名激励对象办理归属,对应限制 性股票的归属数量为 99.15 万股。上述事项均符合相关法律、法规及规范性文件 所规定的条件,不存在损害公司及股东利益的情形。 (以下无正文) 深圳市亚辉龙生物科技股份有限公司 监事会 2025 年 10月 28 日 经核查,本次拟归属的60 名激励对象绩效考核结果合 ...